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Janie Carr
Janie Carr is a Plains Capital McAfee Mortgage home mortgage consultant, with offices at the corner of 13th and Ridge Road (7200 W. 13th, Suite 4). She has 21 years experience in the mortgage industry and is ranked among the top mortgage consultants in the Wichita area. Janie is an active member of the Wichita Area Association of Realtors and the Wichita Builders' Association. Janie is a member of the United Methodist Church. She and her family reside in Clearwater, where her children attend school. You may contact Janie at (316) 773-9500, or by e-mail at jcarr@mcafeemtg.com
Banking & Finance
2003-05-01 14:10:00
Why re-finance?
:  Is the only reason to re-finance to get a lower interest rate and a lower monthly payment?
ANSWER:  Not necessarily so.  If you have a low, 30-year fixed interest rate you're in good shape. But if any of these five reasons applies to your situation, you may want to look into refinancing.      1. Decrease monthly payments. If you can get a fixed rate that's lower than the one you currently have, you can lower your monthly payments.     2. Get cash out of your equity.  If you have enough equity you can get cash out by refinancing. Just decide how much you want to take out and increase the new loan by that amount. It's one way to release money for major expenditures like home improvements and college tuition.      3. Switch from an adjustable to a fixed rate. If interest rates are increasing and you want the security of a fixed rate, or, if interest rates have fallen below your current rate you can refinance your adjustable loan to get the fixed rate you're looking for.      4. Consolidate debt.  You can refinance your mortgage to pay off debt, too. Simply increase the new loan amount by the amount you need and the lender will give you that cash to pay off creditors. You'll still owe the lender but at a much lower interest rate - and that interest is tax-deductible.      5. Pay off your mortgage sooner.  If you switch to a shorter term or a bi-weekly payment plan, you can pay off your home earlier and save in interest. And if your current interest rate is higher than the new rate, the difference in monthly payments may not be as big as you'd expect.  
 
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